W o lu ulusellability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $43,200 6,950 19,700 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $5,936, which includes 6% sales taxes. 12 Performed services for customers who had made advance payments of $10,300. (Credit Service Revenue.) 14 Paid state treasurer's department for sales taxes collected in December 2016. $6,950. 20 Sold 570 units of a new product on credit at $52 per unit, plus 6% sales tax. During January, the company's employees earned wages of $78,800. Withholdings related to these wages were $6,028 for Social Security (FICA), $5,629 for federal income tax, and $1,689 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to nearest whole dollar amount es. 5.275) Date Acco Account Titles and Explanation Jan. 1 Debit 18000 Credit puu. Mut account ttles are automatically Indented when amount is entered. Do not indent manual HolaJul and for salaries and wages expense and payroll tax Date Account Titles and Explanation Debit Credit Jan. 31 (To record the Interest on outstanding notes payable.) Jan. 31 (To record payroll and withholding taxes.) lan 31 Prepare the current liabilities section of the balance sheet at January 31, 2017. Assume no change in Accounts Payable SHERIDAN COMPANY Balance Sheet (Partial)